American Express, Hancock, more

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It's Round 3 of earnings weeks on Monday as four pillars of the economy report before the bell.

American Express
AXP, +1.00%
is seen by analysts' consensus to deliver 51 cents per share when it reports. Cereal-maker Kellogg
K, +0.25%
is projected to post 48 cents a share. Insurer Safeco
SAFC
is seen at 44 cents EPS and household products maker Newell Rubbermaid
NWL, +1.74%
is targeted at 45 cents a share.

Abbott Labs'
ABT, +1.28%
new treatment for rheumatoid arthritis has shown considerable promise in combating the debilitating disease, according to data released late Friday by the company. See full story.

ACI Telecentrics
ACIT
which provides phone services and telemarketing operations, said late Friday that Dana Olson, its chief operating officer, is leaving. His duties will be assumed by CEO Rick Diamond.

Aetna
AET, +0.00%
said late Friday that its board agreed to terminate a plan that had been set up to prevent hostile takeovers. The health-insurance giant's board also recommended changes, subject to shareholder approval, that would lower the majority percentage required to approve mergers, call special meetings and amend bylaws.

Moody's cut the long-term rating late Friday of specialty-steel maker Allegheny Technologies
ATI, +1.96%
affecting about $450 million of debt securities. In making the trim to "Baa2," one notch above its investment-grade cutoff, Moody's cited declining revenue and a slowdown among Allegheny's end markets.

Barron's thinks investors might want to pick through some junk to take a look at Allied Waste Industries
AW
the nation's No. 2 garbage hauler behind Waste Management
WMI, +0.39%
Although Allied is carried $9 billion in long-term debt, the company tells Barron's that its annual cash flow allows it to make $820 million in debt payments, $550 million in capital expenditures and pay down its principal by $300 million. Allied's share price has fallen in the gutter, down 57 percent from its 52-week high of $14.95 in late December.

Book retailer Books -A-Million
BAMM
lowered its outlook late Friday for its third quarter ended Nov. 2, saying it expects a net loss ranging from 14 cents to 16 cents per share. The company had earlier expected a loss of 9 to 11 cents a share. Books-A-Million said it also expects lower fourth-quarter returns but could not provide numbers at this time. See full story.

After the bell Friday, Braun Consulting
BRNC
warned that its third-quarter revenue will come in lower than previously forecast. Braun said it expects to report $8.8 million in sales, below its previous outlook of $10 million to $11 million. The net loss is forecast at $3.1 million, or 15 cents a share. The Thomson First Call consensus of three analysts had been for a loss of 11 cents a share on $10.4 million in revenue.

Camco Financial
CAFI, +0.00%
said late Friday that its board approved a buyback of up to 5 percent of outstanding shares. Under a plan announced in April, the bank holding company already bought back about 4 million shares. The company said it has about 7.8 million shares outstanding.

Engine-maker Cummins
CUM, -0.63%
said late Friday that an arithmetic error led to misstatement of its earnings per share for the third quarter. Cummins said its $39 million profit after taxes stands, as does the $1.03 basic earning per share, but the diluted EPS was lowered from $1 to 96 cents.

The assets of Constellation Health Services, a unit of Constellation Energy Group
CEGR3, +3.13%
were sold for $77.15 million to Five Start Quality Care
FVE, +4.71%
and Senior Housing Properties Trust
SNH, +1.95%
according to a statement late Friday. Five Star bought seven senior assisted living centers for about $27 million. SHP Trust bought eight communities for $50.15 million.

Greenland Corp.
GLCP
which provides check-cashing services, said late Friday it has enacted a reverse stock split approved by shareholders Oct. 15 and will exchange one share for each 50 shares now held. The company's ticker symbol will change to "GRLC"
GRLP

Hypertension Diagnostics
HDII, +6.67%
said after Friday's close that its shareholders approved a measure to issue common stock equal to at least 20 percent of outstanding shares upon the exercise of $2 million in certain convertible notes and exercise of stock warrants. Also, the company noted that holders of convertible notes had agreed to waive certain covenant defaults if the stock measure was approved.

ITLA Capital Corp.
ITLA
said after Friday's bell that it bought the assets and loan portfolio of The Lewis Horwitz Organization from Imperial Credit Industries
ICII
for about $100 million in cash.

John Hancock Financial Services
JHF
said late Friday it will make an after-tax adjustment in third-quarter results for its deferred acquisition costs of variable annuities. Hancock said the $27.5 million item, or 9 cents per share, will put its net operating income at $185.8 million, or 64 cents per share. Net income is forecast at $158 million, or 54 cents per share. That includes $23.7 million of investment losses and a $4 million charge for restructuring. Year-ago net income was $165.2 million, or 54 cents a share. First Call's consensus had been for 71 cents a share. Hancock is formally scheduled to report earnings Thursday.

Sportswear and athletic-shoe maker Nike
NKE, +1.67%
said late Friday that it settled class-action securities lawsuits for $8.9 million, subject to a judge's approval, without admitting wrongdoing. Nike said its liability insurance will cover the costs.

The long and short of it in Alan Abelson's column in Barron's are Gen-Probe
GPRO, -0.20%
and Orthodontic Centers of America
OCA, +0.00%
Passing along suggestions from the holdings of portfolio manager Oscar Schaefer, Abelson notes FDA approval for Gen-Probe's nucleic-acid testing for blood and says Schaefer likes its prospects, earnings and balance sheet. As a stock to short, Schaefer sees another half-price slice in Orthodontic Centers as it deals with problems from the acquisition of OrthAlliance and the departure of its chief financial officer.

In a significant victory for two pharmaceutical giants, Schering-Plough
SGP, -0.84%
and Merck & Co.
MRK, +0.36%
announced late Friday they won U.S. regulatory approval for a new cholesterol-lowering medication. Schering-Plough estimates that annual worldwide spending on cholesterol management now totals $19 billion. Pfizer's
PFE, +0.14%
cholesterol-lowering drug, Lipitor, is the biggest selling prescription drug in the world. See full story.

The No. 3 shop-at-home TV channel, ValueVision's
VVTV
ShopNBC channel, has a sparkly allure for Barron's. General Electric
GE, -0.88%
holds a 40 percent stake in ValueVision via its NBC unit and the channel is on the dial for 50 million cable and satellite customers. Besides its shopping channel, ValueVision owns 11 television stations and its Web site, according to Hoover's. The primary appeal of ValueVision is its takeover potential with a share price around $12. Mark Riely of Media Group Investors tells Barron's the company could be acquired at a premium to investors by No. 1 QVC, owned by Comcast
CMCSA, +0.84%
and Liberty Media
L, +1.56%
or No. 2 Home Shopping Network, owned by Barry Diller's USA. Interactive
USAI, +1.10%
Earlier this year, notes Barron's, Diller was rumored to have offered $30 a share for ValueVision.

Witness Systems
WITS
which makes software for customer call centers, said late Friday that its board approved an anti-takeover plan that distributes as a dividend the right to buy a preferred share for each share held. Effective Nov. 4, the plan would be triggered by an acquirer's purchase, or announcement of intent to buy, at least a 15 percent stake. A tender offer for all shares, if approved by the board, would not set off the takeover defense.

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